Friday, 16 November, 2018

Trump will meet China's Xi at G20 if talks look positive

The yuan has fallen more than 9% against the dollar in the past six months Trump warns there is 'a lot more' he can do to China
Orlando Vargas | 12 October, 2018, 22:55

The September surplus with the USA was larger than China's overall trade surplus for the month.

China's trade surplus with the U.S. jumped to a monthly record high of US$34.1 billion last month on the back of an escalating trade war that shows little sign of cooling, according to data released by China's customs administration on Friday. That's significantly higher than the $196 billion recorded between January and September past year.

More than the tariffs, the worsening trade imbalance is also a reflection of the two countries' economies, experts said.

The direct impact and indirect influence caused by ongoing trade frictions is "controllable", the General Administration of Customs said Friday, according to a report in the state-run China Daily.

China-U.S. relations have also been roiled by Beijing's heated objections to U.S. support for Taiwan, the self-governing island democracy it claims as its own territory, as well as China's claim to virtually the entire South China Sea, where the U.S. says a Chinese destroyer came aggressively close to a U.S. Navy ship late last month, forcing it to maneuver to prevent a collision.

While the data showed China's trade remained strong for the month, analysts forecast the trade war will begin to hurt in the coming months.

China's export data has been surprisingly resilient to tariffs, possibly as companies ramped up shipments before stiffer US duties go into effect, but factory surveys have shown export orders have been shrinking for several months. When President Trump first hit China with 25 per cent tariffs on $50 billion of exports in June, Beijing retaliated with $50 billion of tariffs of its own.

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Washington and Beijing have raised tariffs on billions of dollars of each other's goods in a fight over American complaints about Chinese technology policy.

China has steadfastly denied that it has manipulated the yuan to cope with the tariffs.

The Chinese yuan has lost almost 10 percent of its value against the USA dollar this year.

Trump and Xi have agreed to meet next month at the G-20 summit in Buenos Aires to discuss the escalating U.S.

"I have a lot more to do if I want to do it".

"China's trade surplus will keep rising because the domestic economy is cooling down", said Andy Xie, a Shanghai-based independent economist. "I don't want to do it but they have to come to the table", he warned.

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